{"id":23872,"date":"2021-09-24T07:20:00","date_gmt":"2021-09-24T07:20:00","guid":{"rendered":"https:\/\/sagaciousresearch.com\/blog\/?p=23872"},"modified":"2023-04-03T11:20:39","modified_gmt":"2023-04-03T11:20:39","slug":"entrepreneur-india-top-5-intellectual-property-challenges-businesses-face","status":"publish","type":"post","link":"https:\/\/sagaciousresearch.com\/blog\/entrepreneur-india-top-5-intellectual-property-challenges-businesses-face","title":{"rendered":"Entrepreneur &#8211; Top 5 Intellectual-Property Challenges Businesses Face"},"content":{"rendered":"\n<p>Having a strong intellectual property (IP) portfolio and strategy helps improve your brand value in the market.<\/p>\n\n\n\n<p>By&nbsp;<a href=\"https:\/\/www.entrepreneur.com\/author\/tarun-bansal\">Tarun Kumar Bansal&nbsp;<\/a>September 24, 2021Opinions expressed by&nbsp;<em>Entrepreneur<\/em>&nbsp;contributors are their own.<\/p>\n\n\n\n<p>Success of a&nbsp;<a href=\"https:\/\/www.entrepreneur.com\/topic\/business\">business<\/a>&nbsp;in the modern world is largely dependent on ground-breaking&nbsp;<a href=\"https:\/\/www.entrepreneur.com\/topic\/innovation\">innovation<\/a>&nbsp;that puts a cap on the rising competition. Having a strong&nbsp;<a href=\"https:\/\/www.entrepreneur.com\/topic\/intellectual-property\">intellectual property<\/a>&nbsp;(IP) portfolio and strategy helps improve your market share and brand value in the market. However, using IP to support the current and future market position of the business can often be a challenge.<\/p>\n\n\n\n<p>Here are the top five IP challenges faced by large corporations and ways to resolve them.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69ec809207a7f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69ec809207a7f\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/sagaciousresearch.com\/blog\/entrepreneur-india-top-5-intellectual-property-challenges-businesses-face\/#Creating_valuable_IP\" >Creating valuable IP<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/sagaciousresearch.com\/blog\/entrepreneur-india-top-5-intellectual-property-challenges-businesses-face\/#Managing_IP_portfolio\" >Managing IP portfolio<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/sagaciousresearch.com\/blog\/entrepreneur-india-top-5-intellectual-property-challenges-businesses-face\/#Battling_the_competition\" >Battling the competition<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/sagaciousresearch.com\/blog\/entrepreneur-india-top-5-intellectual-property-challenges-businesses-face\/#Dealing_with_IP_lawsuits\" >Dealing with IP lawsuits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/sagaciousresearch.com\/blog\/entrepreneur-india-top-5-intellectual-property-challenges-businesses-face\/#Profitability_of_IP_departments\" >Profitability of IP departments<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/sagaciousresearch.com\/blog\/entrepreneur-india-top-5-intellectual-property-challenges-businesses-face\/#Having_Queries_Contact_Us_Now\" >Having Queries? Contact Us Now!<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Creating_valuable_IP\"><\/span>Creating valuable IP<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>All IP doesn&#8217;t generate value; studies have shown that almost&nbsp;<a href=\"https:\/\/www.forbes.com\/sites\/stephenkey\/2017\/11\/13\/in-todays-market-do-patents-even-matter\/?sh=207b213b56f3\" target=\"_blank\" rel=\"noreferrer noopener\">80% of patents remain unutilized<\/a>.<\/p>\n\n\n\n<p>A valuable IP portfolio secures its organization&#8217;s existing product lines and aims to gain strategic advantage over other players in the market. For this, an enthusiastic and innovative R&amp;D team needs to be properly fed with IP landscape insights and whitespaces in their industry. Also, an innovation-management process is needed to provide feedback to researchers about the feasibility and prospective value of their ideas.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Managing_IP_portfolio\"><\/span>Managing IP portfolio<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Management of IP portfolio is not merely restricted to paying maintenance fees for IP assets over respective terms, but also involves effective utilization of IP portfolio to achieve broader business objectives.<\/p>\n\n\n\n<p>An IP portfolio should be visualized and organized in a way that helps make right decisions timely. The correct IP-management strategy can enable corporates to identify the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Patents that may protect their current and future product offerings.<\/li>\n\n\n\n<li>Patents that may help keep the current and future competition at bay.<\/li>\n\n\n\n<li>Patents that can be used in licensing programs to generate revenue.<\/li>\n\n\n\n<li>Patents that have become obsolete and need not be renewed to save on maintenance-fee costs.<\/li>\n<\/ul>\n\n\n\n<p>A proper IP-management plan like the&nbsp;<a href=\"https:\/\/sagaciousresearch.com\/blog\/f3-analysis-approach-patent-monetization\/\">F3 Analysis<\/a>&nbsp;can help satisfy all the three aforementioned purposes. Such analysis helps identify fundamental, future and fringe patents. Future patents may not have a present application but can be valuable in the future. For example, patent applications that are open or pending can be strategically prosecuted to make it a fundamental patent in the future. Fringe Patents have no strategic importance and can be licensed, abandoned or pruned. Therefore, such analysis not only helps companies protect their products in the markets from copycats, but can also protect the organization when facing litigation or threat from competition.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Battling_the_competition\"><\/span>Battling the competition<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Competitors consistently scout for evolving IP within their domain. This even manifests in duplication of innovative&nbsp;<a href=\"https:\/\/www.entrepreneur.com\/topic\/technology\">technology<\/a>. Because of this, many market leaders often engage in court battles. While winning such court battles can garner competitive edge, losing eventually spoils the brand image and customer goodwill. Moreover, the emergence of new entrants to the market also affects the market share of existing innovators.<\/p>\n\n\n\n<p>Having strong patent portfolio not only helps in gaining competitive advantage by protecting the service and product offerings, but it also helps in case of a patent-infringement lawsuit. With a strong patent portfolio, companies may consider cross-licensing to favorably end IP conflicts with competitors.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dealing_with_IP_lawsuits\"><\/span>Dealing with IP lawsuits<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>IP lawsuits arising from competition and non-practicing entities (NPEs) can cause major financial losses for a corporation besides putting its customer&#8217;s goodwill and brand reputation at stake.<\/p>\n\n\n\n<p>IP lawsuits can be prevented with the help of freedom-to-operate (FTO) assessments. FTO helps analyze patents that can pose a threat to product launches. Making tweaks in products to overcome infringement or prior invalidity analysis and license negotiations for such threatening patents can save a lot of cost and reputation for any organization. Further, to avoid litigation from supply chain, contracts with suppliers need to have proper IP-indemnification clauses.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Profitability_of_IP_departments\"><\/span>Profitability of IP departments<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It is often tough to justify the role and valuable contributions of IP departments. Even though intangible assets&nbsp;<a href=\"https:\/\/www.researchgate.net\/publication\/242021550_Intangible_asset_contribution_to_company_performance_The_hierarchical_assessment_index\" rel=\"noreferrer noopener\" target=\"_blank\">have been known to contribute more<\/a>&nbsp;towards the growth of an organization, many corporates fail to realize this and target such assets during budget cuts.<\/p>\n\n\n\n<p>The nationwide lockdowns induced due to recent global-health crises have shut the businesses and rendered their tangible assets ineffective. However, intangible assets such as IP have helped many such corporates remain afloat during these trying times. IP departments have ensured that licensing programs kept generating revenue when the primary products or service offerings were largely inactive. Further, the contribution of IP assets to business units needs to be actively scrutinized by IP departments, and abandoning unprofitable IP can be an immediate cost-saving measure. Selling off or identifying IP assets that can bring profits can also help IP departments generate tangible value for the organization.<\/p>\n\n\n\n<p>All these measures, aligned with the vision and mission of the organization, can help corporates effectively resolve the given challenges and use IP for their overall business growth.<\/p>\n\n\n\n<p>Originally published on: <a href=\"https:\/\/www.entrepreneur.com\/article\/386164\">https:\/\/www.entrepreneur.com\/article\/386164<\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Having_Queries_Contact_Us_Now\"><\/span>Having Queries? Contact Us Now!<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\nvar gform;gform||(document.addEventListener(\"gform_main_scripts_loaded\",function(){gform.scriptsLoaded=!0}),document.addEventListener(\"gform\/theme\/scripts_loaded\",function(){gform.themeScriptsLoaded=!0}),window.addEventListener(\"DOMContentLoaded\",function(){gform.domLoaded=!0}),gform={domLoaded:!1,scriptsLoaded:!1,themeScriptsLoaded:!1,isFormEditor:()=>\"function\"==typeof InitializeEditor,callIfLoaded:function(o){return!(!gform.domLoaded||!gform.scriptsLoaded||!gform.themeScriptsLoaded&&!gform.isFormEditor()||(gform.isFormEditor()&&console.warn(\"The use of gform.initializeOnLoaded() is deprecated in the form editor context and will be removed in Gravity Forms 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id='input_203_17' class='large gfield_select'    aria-required=\"true\" aria-invalid=\"false\" ><option value='' >Please Select Country<\/option><option value='United States' >United States<\/option><option value='Canada' >Canada<\/option><option value='United Kingdom' >United Kingdom<\/option><option value='China' >China<\/option><option value='India' >India<\/option><option value='North Korea' >North Korea<\/option><option value='South korea' >South korea<\/option><option value='United Arab Emirates' >United Arab Emirates<\/option><option value='Afghanistan' >Afghanistan<\/option><option value='Albania' >Albania<\/option><option value='Algeria' >Algeria<\/option><option value='Andorra' >Andorra<\/option><option value='Angola' >Angola<\/option><option value='Antigua and Barbuda' >Antigua and Barbuda<\/option><option value='Argentina' >Argentina<\/option><option value='Armenia' >Armenia<\/option><option value='Australia' >Australia<\/option><option value='Austria' >Austria<\/option><option value='Azerbaijan' >Azerbaijan<\/option><option value='The Bahamas' >The Bahamas<\/option><option value='Bahrain' >Bahrain<\/option><option value='Bangladesh' >Bangladesh<\/option><option value='Barbados' >Barbados<\/option><option value='Belarus' >Belarus<\/option><option value='Belgium' >Belgium<\/option><option value='Belize' >Belize<\/option><option value='Benin' >Benin<\/option><option value='Bhutan' >Bhutan<\/option><option value='Bolivia' >Bolivia<\/option><option value='Bosnia and Herzegovina' >Bosnia and Herzegovina<\/option><option value='Botswana' >Botswana<\/option><option value='Brazil' >Brazil<\/option><option value='Brunei' >Brunei<\/option><option value='Bulgaria' >Bulgaria<\/option><option value='Burkina Faso' >Burkina Faso<\/option><option value='Burundi' >Burundi<\/option><option value='Cabo Verde' >Cabo Verde<\/option><option value='Cambodia' >Cambodia<\/option><option value='Cameroon' >Cameroon<\/option><option value='Central African Republic' >Central African Republic<\/option><option value='Chad' >Chad<\/option><option value='Chile' >Chile<\/option><option value='Colombia' >Colombia<\/option><option value='Comoros' >Comoros<\/option><option value='Congo' >Congo<\/option><option value='Costa Rica' >Costa Rica<\/option><option value='C\u00f4te d\u2019Ivoire' >C\u00f4te d\u2019Ivoire<\/option><option value='Croatia' >Croatia<\/option><option value='Cuba' >Cuba<\/option><option value='Cyprus' >Cyprus<\/option><option value='Czech Republic' >Czech Republic<\/option><option value='Denmark' >Denmark<\/option><option value='Djibouti' >Djibouti<\/option><option value='Dominica' >Dominica<\/option><option value='Dominican Republic' >Dominican Republic<\/option><option value='East Timor (Timor-Leste)' >East Timor (Timor-Leste)<\/option><option value='Ecuador' >Ecuador<\/option><option value='Egypt' >Egypt<\/option><option value='El Salvador' >El Salvador<\/option><option value='Equatorial Guinea' >Equatorial Guinea<\/option><option value='Eritrea' >Eritrea<\/option><option value='Estonia' >Estonia<\/option><option value='Eswatini' >Eswatini<\/option><option value='Ethiopia' >Ethiopia<\/option><option value='Fiji' >Fiji<\/option><option value='Finland' >Finland<\/option><option value='France' >France<\/option><option value='Gabon' >Gabon<\/option><option value='The Gambia' >The Gambia<\/option><option value='Georgia' >Georgia<\/option><option value='Germany' >Germany<\/option><option value='Ghana' >Ghana<\/option><option value='Greece' >Greece<\/option><option value='Grenada' >Grenada<\/option><option value='Guatemala' >Guatemala<\/option><option value='Guinea' >Guinea<\/option><option value='Guinea-Bissau' >Guinea-Bissau<\/option><option value='Guyana' >Guyana<\/option><option value='Haiti' >Haiti<\/option><option value='Honduras' >Honduras<\/option><option value='Hungary' >Hungary<\/option><option value='Iceland' >Iceland<\/option><option value='Indonesia' >Indonesia<\/option><option value='Iran' >Iran<\/option><option value='Iraq' >Iraq<\/option><option value='Ireland' >Ireland<\/option><option value='Israel' >Israel<\/option><option value='Italy' >Italy<\/option><option value='Jamaica' >Jamaica<\/option><option value='Japan' >Japan<\/option><option value='Jordan' >Jordan<\/option><option value='Kazakhstan' >Kazakhstan<\/option><option value='Kenya' >Kenya<\/option><option value='Kiribati' >Kiribati<\/option><option value='Kosovo' >Kosovo<\/option><option value='Kuwait' >Kuwait<\/option><option value='Kyrgyzstan' >Kyrgyzstan<\/option><option value='Laos' >Laos<\/option><option value='Latvia' >Latvia<\/option><option value='Lebanon' >Lebanon<\/option><option value='Lesotho' >Lesotho<\/option><option value='Liberia' >Liberia<\/option><option value='Libya' >Libya<\/option><option value='Liechtenstein' >Liechtenstein<\/option><option value='Lithuania' >Lithuania<\/option><option value='Luxembourg' >Luxembourg<\/option><option value='Madagascar' >Madagascar<\/option><option value='Malawi' >Malawi<\/option><option value='Malaysia' >Malaysia<\/option><option value='Maldives' >Maldives<\/option><option value='Mali' >Mali<\/option><option value='Malta' >Malta<\/option><option value='Marshall Islands' >Marshall Islands<\/option><option value='Mauritania' >Mauritania<\/option><option value='Mauritius' >Mauritius<\/option><option value='Mexico' >Mexico<\/option><option value='Micronesia' >Micronesia<\/option><option value='Moldova' >Moldova<\/option><option value='Monaco' >Monaco<\/option><option value='Mongolia' >Mongolia<\/option><option value='Montenegro' >Montenegro<\/option><option value='Morocco' >Morocco<\/option><option value='Mozambique' >Mozambique<\/option><option value='Myanmar (Burma)' >Myanmar (Burma)<\/option><option value='Namibia' >Namibia<\/option><option value='Nauru' >Nauru<\/option><option value='Nepal' >Nepal<\/option><option value='Netherlands' >Netherlands<\/option><option value='New Zealand' >New Zealand<\/option><option value='Nicaragua' >Nicaragua<\/option><option value='Niger' >Niger<\/option><option value='Nigeria' >Nigeria<\/option><option value='North Macedonia' >North Macedonia<\/option><option value='Norway' >Norway<\/option><option value='Oman' >Oman<\/option><option value='Pakistan' >Pakistan<\/option><option value='Palau' >Palau<\/option><option value='Panama' >Panama<\/option><option value='Papua New Guinea' >Papua New Guinea<\/option><option value='Paraguay' >Paraguay<\/option><option value='Peru' >Peru<\/option><option value='Philippines' >Philippines<\/option><option value='Poland' >Poland<\/option><option value='Portugal' >Portugal<\/option><option value='Qatar' >Qatar<\/option><option value='Romania' >Romania<\/option><option value='Russia' >Russia<\/option><option value='Rwanda' >Rwanda<\/option><option value='Saint Kitts and Nevis' >Saint Kitts and Nevis<\/option><option value='Saint Lucia' >Saint Lucia<\/option><option value='Saint Vincent and the 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By&nbsp;Tarun Kumar Bansal&nbsp;September 24, 2021Opinions expressed by&nbsp;Entrepreneur&nbsp;contributors are their own. 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